Credit, Collections & Insolvency News
Credit cards can be a responsible way to spread the cost of large but infrequent purchases, however new research suggests that this is not the way many young people are choosing to take on debt. A new study from comparethemarket.com reveals that nearly a fifth (18%) of 18-24-year olds use their credit card every day.…
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The winners of the third annual 2019 Credit & Collections Technology Awards have been revealed. There were eighteen winners from the twenty Awards categories which are covered by four main headings of Applied Technology, Credit and Collections, Lender and Creditors and Innovation Leaders. The awards ceremony was held at the Credit Services Association’s (CSA) annual…
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Business process outsourcing (BPO), Target Group, has announced the appointment of Aileen Wallace as an Independent Non-Executive Director and board member. As an established Board Executive, Wallace has expertise in digital business transformation across retail and commercial banking. She has more than 10 years’ experience in executive and non-executive roles, helping to leverage growth opportunities…
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The use of bailiffs to collect debts owed to local authorities in England and Wales has risen by 7 percent in two years, driven by a surge in the use of bailiffs to collect parking debts, according to new research by the Money Advice Trust, the charity that runs National Debtline and Business Debtline. More…
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Sovereign Capital Partners, the private equity Buy & Build specialist, has announced that portfolio company Bristow & Sutor, the nationwide judicial services and debt recovery group, has acquired debt collection agency (DCA) Credit Style. Bristow & Sutor was acquired by Sovereign in a management buy-out of the business in June 2017. Established in 1977 and…
Read moreNew TUC analysis has shown that unsecured debt per household has risen to record levels. The average household debt rose to £15,880 in the first quarter of 2019, up £1,160 on a year earlier. With over half of households report having unsecured debt, most commonly in the form of credit card debt (60%), overdraft (28%),…
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Bereaved families who struggle with funeral costs are taking on an average of £1,990 debt to pay for a funeral, according to the 2019 Royal London National Funeral Cost Index. The total amount of funeral debt in the UK has risen to £147m, a 12% increase from last year. The report found 12% of people struggled…
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Tesco Personal Finance (Tesco Bank) has confirmed the sale of its mortgage portfolio to Lloyds Banking Group for a cash consideration of c. £3.8 billion. Tesco Bank has over 23,000 mortgage customers. The mortgage portfolio has a lending balance of c.£3.7 billion and generated pre-tax profits of £9.1m in the 2018/19 financial year. As part…
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Here is an overview of The Money Charity’s latest statistics for August 2019: Personal debt in the UK People in the UK owed £1,642 billion at the end of June 2019. This is up from £1,596 billion at the end of June 2018, an extra £887 per UK adult over the year. The average total…
Read moreEnergy suppliers continue to improve in providing accurate billing for millions of customers, according to Energy UK’s Billing Code audit results. Established in 2006 by Energy UK, the voluntary Billing Code initiative provides energy customers with greater confidence in the accuracy of their domestic energy bills. The six largest energy suppliers are measured against four…
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Universal Credit is causing tenants to get behind with their rent according to new research for the Residential Landlords Association (RLA). It reports that 54 per cent of those private landlords who have let to tenants on Universal Credit in the past 12 months have seen them fall into rent arrears. Of these, 82 per…
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The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, has successfully passed the first important stage on its journey to become the foremost provider for apprenticeships in the collections and compliance space. An OFSTED report has praised the CSA’s apprenticeship programmes and how they are successfully contributing to…
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Arrears management and legal services specialist Ascent which is part of the Irwin Mitchell Group, has its latest financial results for 2018/19, indicating that revenue has riseb to £9.7 million. The company says the first quarter of 2019/20 has also been particularly strong for the business, with revenue 12% ahead of target thanks to increased…
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